Danang, the biggest city on Central Coast of Vietnam has just released a list of 17 property projects, where foreigners can buy a house.
A among the list, there are 8 projects in Son Tra district, 6 projects in Hai Chau district. Thanh Khe and the rest in Ngu Hanh Son district and Lien Chieu district.
The projects list inclusive of Blooming Tower Da Nang, Golden Square Complex, Quang Nguyen Apartment; P.A Tower Hotel and Apartment complex; Lapaz Tower at 38 Nguyen Chi Thanh Street; Danang Plaza Digital Apartment at No. 6 Nguyen Du street.
There are some other projects, such as: HAGL Lakeview Apartment building in Thanh Khe district; Thuy Tu in Lien Chieu district; Monarchy resort complex; Harmony Tower; The Summit; An Vien; The Green Hoa Binh Da Nang Complex (Hoa Binh Xanh); Garden Tower (Thap Vuon) and Azura Apartments building. Foreigners can also own the real estate project and Da Nang marina and FPT Da Nang in Ngu Hanh Son district.
Foreign organizations and individuals are allowed to own property in any other projects which is not in the list.
“Any foreigner with a valid visa, whether resident or tourist, can now buy property in Vietnam on a 50-year leasehold, with options for extension”, Sophie Dao, the Lawyer of GBS, a legal services firm in Vietnam told Vietnam Insider.
“According to the New Vietnam Housing Law with effective from 1st July 2015, any foreigners who are permitted to enter Vietnam legally are now eligible to buy/invest in Vietnam Property. Foreign Ownership cannot exceed more than 30% of the total units in one apartment building. Ownership title will be on 50+ years leasehold (extendable subject to applicable laws). Foreigners are allowed to lease, mortgage, contribute as capital gift etc” Sophie added. “If subsequently The same Local Vietnamese sells to another Foreigner, it will be converted to a fresh 50+ years leasehold title for the new owner”.
When buying a house in Vietnam as foreigners, you will be charged Value Added Tax 10% of apartment selling price; Sinking fund: 2% of apartment selling price; Registration Tax for Ownership Certificate: 0.5% of apartment value; Personal Income tax (Resale): 2% of transacted value; Person Income tax (Rental income): 5% VAT & 5% Personal Income Tax on revenue; Business License Tax: VND 1million per year if rental income exceeds VND1.5million per month.